Show Me the Money

Here's the annual salary required to buy a median-priced home in Houston

1 On the Market Vince Young Royal Oaks house 12006 Legend Manor Drive October 2014 exterior front day

In Houston, you need a bigger salary now to afford that house.

Photo by © Mel Garrett/Houston Association of Realtors

Owning a house is expensive, even if you just strip it down to the principal, interest, taxes, and insurance. So what kind of salary do you need to afford a median-priced home in Houston?

More than last year, it turns out.

Mortgage tracking site HSH.com once again analyzed 27 major U.S. metros and found that H-Town is experiencing a decrease in mortgage rates and a major uptick in home prices. Put those two together and you also get a $2,000 increase in the salary necessary to make it all happen.

In Houston, the annual income needed now to comfortably sign on the dotted line is $52,274.68, compared to last year's $49,983.37. With this salary and a mortgage rate of 3.75, homebuyers can afford a $217,400 home with an average monthly payment of #1,219.74.

The data puts Houston at No. 16, sandwiched between Philadelphia and Minneapolis. Last year Houston was the most expensive Texas metro on the list, but this year it flip-flopped with No. 14 Dallas. Now $54,764.49 will buy a $232,200 home in Dallas with an average monthly payment of $1,277.84.

No. 19 San Antonio saw a significant increase in its second quarter, with salaries alone jumping up $1,780. That brings the total to $$48,752.98 in order to afford a $210,500 home.

The website also calculates what salary would be required if a 10 percent down payment were used instead of the more traditional 20 percent and the sum is, predictably, much larger. In Dallas, the amount is nearly 10 grand more: $62,663. In Houston, it's $59,664 and in San Antonio it's $55,888.

San Francisco is still the most expensive city overall, with the median home price having gone up from $742,900 to $885,600. If you want to buy there, you'd better be earning at least $161,947.60 — way, way higher than the national average of $52,699.17.

reports

6 acre estate

6-acre Mediterranean estate in Tomball hits market for $5.5 million

Photo by TK Images for Martha Turner Sotheby's Realty

21538 Mueschke Road is an 11,000-plus-square-foot home in Tomball.

An incredible property that blends Mediterranean vibes with a nearby Houston locale has just hit the market. 21538 Mueschke Road is an 11,000-plus-square-foot home sitting on six unrestricted acres in Tomball. The home is for sale for $5.5 million and is represented by Monica Brashear of Martha Turner Sotheby’s International Realty.

This sprawling estate offers state-of-the-art technology and modern conveniences. From the aged patina of the motor court and the grand entrance of the villa, this space is as welcoming as it is jaw-dropping. It's the perfect home for gatherings and entertaining, yet provides ample areas for its owners to work and enjoy their space.

A multi-level affair, the home has formal and informal living, dining, and office areas, along with four bedroom suites on the first floor. A craft room, media room, and professional recording studio are on the second level. Four balconies and an observatory overlook the waterpark and surrounding acreage. The log cabin guest house has three bedrooms, making it the perfect spot for visiting friends and relatives, or even a rental property for additional income.

This beautiful home is an oasis for its owners. The primary suite has its own fireplace, double walk-in closets with a dressing area, and a cozy, windowed nook for reading or relaxing. With a deep soaking tub and walk-in shower, the primary bath feels like a spa. The kitchen is a home chef's paradise with room to create exquisite dishes and ample gathering spots for informal dinners and brunches.

The recording studio will be of interest to musicians and podcasters alike. And the home's balconies provide spots to entertain or take in the views.

21538 Mueschke Rd. falls into the category of homes that must be seen to be believed. But once potential buyers lay eyes on it, they'll have very little trouble imagining their lives in this stunning estate.